BREAKING: MTN pays $253.86m surplus to NCC for 5G permit

 MTN has paid the excess $253.86 million to finish the $273.6 million fifth era (5G) permit charge to the Federal Government on schedule, an industry source said on Thursday. MTN and Mafab Communications were dispensed spaces for the 3.5 gigahertz (GHz) range committed to the arrangement of the innovation in the wake of arising victors led by Nigerian Communications Commission (NCC) in Abuja last year after 11 rounds of offering that kept going eight hours. As indicated by the Information Memorandum (IM) for the range closeout, the Commission had set $197.4million as hold cost for each space of the range. Bidders were expected to pay 10% of the bid cost of $19.74million. Yet, the bid outperformed NCC's save cost and went as high as $273.6million. Likewise, the victors are relied upon to address the Winning Bid cost, less the Intention-to-Bid Deposit of $19.7million.